AM first reported the acquisition online on March 13.
The acquisition will increase Lookers' Volkswagen portfolio by two outlets, from nine to 11. It also gives the company entry into the contract hire market with a fleet of 1,500 vehicles.
Lookers is seeking shareholder approval of the deal as 51% of Bramall and Jones is owned by Tony Bramall, who is also a director of Lookers.
Completion of the sale is expected on May 1, 2008.
Bramall & Jones co-founder Peter Jones quit the Lincolnshire dealer group in order to join Lookers last week.
In his new role, Jones will be responsible for Lookers' franchises in England including Mercedes-Benz, Smart, Volkswagen, PSA, Chrysler Jeep Dodge and will also have accountability for standalone Hyundai, Chevrolet, Skoda and Alfa Romeo dealerships.